Following discussions between Navistar and Traton, Navistar’s board of directors confirmed that it will move forward with a transaction in which Traton would acquire Navistar for $44.50 per share in cash. Navistar’s board confirmed that an offer of $44.50 per share has the support of Navistar’s two largest shareholders.
JP Morgan and PJT Partners are acting as Navistar’s financial advisors. Sullivan & Cromwell LLP is providing legal counsel. Brunswick is providing communication counsel.